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backed by affordability and availability of varied designs and types

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San Francisco, CA -- (SBWIRE) -- 03/25/2020 -- The footwear market has seen numerous attractive demand dynamics, shaped by the changing fashion and consumer requirements. Growing popularity of athletic shoes over the past few years, especially in emerging economies, has spurred rapid growth in the footwear market. Consumers have been demanding shoes that help them during workouts. Notably, the millennial population has been demanding shoes and other footwear that meet the latest fads and fashion trends as well as have high performance characteristics.

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Rise in Demand for Footwear in E-commerce Bolster Sales; Leather a Premium Category

Rapid inroads made by ecommerce, backed by affordability and availability of varied designs and types, have been imparting a steady momentum to the expansion of players in the footwear market. Proliferating e-commerce sales of inexpensive footwear in developing economies has led to the surge in revenues in recent years.

Among the various materials used in making footwear, leather has been a popular category among all buyers. Leather shoes are likely not to lose its sheen in the next few years as well. Manufacturers are giving due attention to making the footwear trends and comfortable. Further, incessant promotion of low-cost footwear for office wear has also boosted the market considerably. Rise in officegoers especially females has led to the deluge in demand for footwear on e-commerce platforms. Also, young adults buying footwear specially built for activities such as dancing have contributed to the growth of the footwear market.

Smart Footwear Integrated with Wearable Technology Gathers Steam

Prominent footwear manufacturers are leaning on the popularity of smart footwear. Advent of smart wearable that are integrated with software and other technologies has opened a new, promising avenue for prospective buyers. Customers are getting increasingly attracted toward smart shoes. For instance, athletes are demanding such smart footwear to measure their performance statistics and thereby better their performance on-field. Moreover, such smart shoes can be connected wirelessly to smartphones and other communication devices—a new technological avenue for manufacturers to bank upon.

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Further, manufacturers in the footwear industry are also developing specially designed shoes for disabled. This avenue shows a vast revenue potential for players. Moreover, they are keen on targeting elderly populations in developing countries.

Rise in High-performance Shoes Among Athletes Bolster Opportunities

Growing sense of fashion among young adults around the world is a key trend boosting the market. In emerging markets, several footwear brands have come out shoes under designer labels to attract niche customers. These are launched usually through trade shows and fashion events.

Growing use of high-quality materials in making athletic shoes is attracting adults. Further, a general increase in trend of people undertaking more fitness activities provides a robust impetus to the demand for shoes among all age groups. This is a significant driver for the expansion of the footwear market. Top brands are expected to benefit from the increasing popularity of premium-priced shoes.

Some of the highly lucrative regional markets for footwear are Asia Pacific and North America. These regional markets have witnessed rise in demand for shoes for officegoers and athletes. In particular, developed nations in these regions have seen the huge market potential of smart shoes. Recent technological advances made in wearable technology in countries such as the U.S. has reinforced the revenue-generating potential of the overall footwear market.

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